Sing Lee Software (Group) Limited — Earnings Release 2002

Mar 25, 2003

GEM

SING LEE<08076> - Results Announcement (Final, 2002, Summary)

Sing Lee Software (Group) Limited announced on 24/03/2003:
(stock code: 08076)

Year end date :31/12/2002
Currency :RMB
Auditors' report :Unqualified
Review of Quarterly Report by :N/A

Important Note :

This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com

                                         (Audited)         (Audited)
                                           Current              Last 
                                                       Corresponding
                                            Period            Period
                                   from 01/01/2002   from 01/01/2001
                                     to 31/12/2002     to 31/12/2001
                                             $'000             $'000

Turnover : 62,853 70,416
Profit/(Loss) from Operations : (9,664) 11,955
Finance cost : (649) (1,196)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (10,313) 10,460
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0171) RMB 0.0209
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (10,313) 10,460
Final Dividends per Share : NIL HK$0.50 Cents
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting :29/04/2003 to 05/05/2003 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)

                                         For and on behalf of
                                   Sing Lee Software (Group) Limited
                        Signature :
                        Name      :           Hung Yung Lai
                        Title     :             Chairman

Responsibility statement

The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.

Remarks:

1 Basis of presentation

The accompanying financial statements have been prepared in
accordance with International Financial Reporting Standards (`IFRS')
issued by the International Accounting Standards Board, the
disclosure requirements of the Hong Kong Companies Ordinance and the
Rules Governing the Listing of Securities on the GEM. Except as
otherwise stated, the accompanying financial statements are prepared
under the historical cost convention.

2 INCOME TAX EXPENSE

(a) Overseas income tax

The company is incorporated in Bermuda and is exempted from taxation
in Bermuda until 28 March 2016. The Company's subsidiary established
in BVI is incorporated under the International Business Companies
Acts of BVI and, accordingly, is exempted from payment of BVI income
taxes.

(b) Hong Kong profits tax

No Hong Kong profits tax was provided as the Group had no assessable
profit arising in or derived from Hong Kong.

There was no significant unprovided deferred taxation for the year
ended 31 December 2002 (2001: Nil).

(c) PRC enterprise income tax

As foreign investment enterprises that incorporated in the Advanced
Technology Industry Development Area in Hangzhou City are entitled to
full exemption from income tax for two years with effect from its
first profitable year after offsetting prior yearOs losses and a 50%
reduction in income tax for the following three years. Foreign
investment enterprises are also exempted from income tax in years
with financial loss.

3 DIVIDENDS
2002 2001
RMB'000 RMB'000

Dividends declared 3,196 1,500
and paid

Subsequent to 31 December 2002, the directors of the Company do not
recommend the payment of a final dividend.

4 loss/EARNINGS PER SHARE

The calculation of basic loss per share is based on the combined net
loss for the year attributable to shareholders of approximately
RMB10,313,000 (2001: profit RMB10,460,000) divided by the weighted
average number of ordinary shares outstanding during the year of
603,000,000 shares (2001: 501,360,000 shares). The weighted average
number of shares outstanding for 2001 is calculated assuming all
ordinary shares outstanding at 31 December 2002 were outstanding
throughout 2001.

The computation of diluted loss per share has not assumed the
exercise of the potential ordinary share as their exercise would not
have dilutive effect on the loss per share.